Former Elan chairman Garo Armen has exercised 200,000 share options, making a profit of just under $900,000.
A statement to the stock exchange said Mr Armen had bought 200,000 shares at $3.84 and sold them at $8.25. He still holds 270,000 shares.
Mr Armen, who remains on Elan's board, was earlier this year reported to have failed in a bid to oust current chief executive Kelly Martin.
